VANCOUVER, BC, – October 13, 2022 – Fury Gold Mines Ltd (TSX:FURY, NYSEAmerican:FURY) (“Fury”) is pleased to announce the completion of the share sale transaction announced on October 3, 2022 (the “Transaction”).
Fury sold 17 million common shares at C$0.40 per share in the capital of the Dolly Varden Silver Corporation (“Dolly Varden”), representing approximately 7.4% of the outstanding common shares, to a well known institutional investor. The proceeds of the Transaction will be used to finance continued exploration at Fury’s Eau Claire and Éléonore South Joint Venture projects in Quebec and for general working capital.
Fury’s ownership interest in Dolly Varden has been reduced from 76,504,590 shares, representing 33% of the outstanding common shares of Dolly Varden, to 59,504,590 shares, representing 26% of the outstanding common shares of Dolly Varden. Fury continues to have two nominees on Dolly Varden’s board of directors under its Investor Rights Agreement with Dolly Varden and will continue to hold its remaining shares in Dolly Varden for investment purposes. Fury will evaluate its investment in Dolly Varden on an ongoing basis and may increase or decrease its holdings in Dolly Varden in the future, subject to its rights and obligations under the Investor Rights Agreement, a copy of which has been filed under Fury’s and Dolly Varden’s SEDAR profile.
About Fury Gold Mines Limited
Fury Gold Mines Limited is a well financed Canadian-focused exploration company positioned in two prolific mining regions across the country and holds a 59.5 million common share position in Dolly Varden Silver Corp. Led by a management team and board of directors with proven success in financing and advancing exploration assets, Fury intends to grow its multi-million-ounce gold platform through rigorous project evaluation and exploration excellence. Fury is committed to upholding the highest industry standards for corporate governance, environmental stewardship, community engagement and sustainable mining. For more information on Fury Gold Mines, visit www.furygoldmines.com.
For further information on Fury Gold Mines Limited, please contact:
Margaux Villalpando, Investor Relations
Tel: (844) 601-0841
Email: [email protected]
This release includes certain statements that may be deemed to be “forward-looking information” or “forward-looking statements” within the meaning of applicable securities laws, which relate to the future operations of the Company and other statements that are not historical facts. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as “plans”, “expects”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes”. Specific forward-looking information contained in this release primarily relates to statements that suggest the use of proceeds from the Transaction by Fury and Fury’s investment in Dolly Varden. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially.
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6) This document contains forward-looking information and forward-looking statements, within the meaning of applicable Canadian securities legislation, (collectively, “forward-looking statements”), which reflect management’s expectations regarding Fury Gold Mines Limited.’s future growth, future business plans and opportunities, expected activities, and other statements about future events, results or performance. Wherever possible, words such as “predicts”, “projects”, “targets”, “plans”, “expects”, “does not expect”, “budget”, “scheduled”, “estimates”, “forecasts”, “anticipate” or “does not anticipate”, “believe”, “intend” and similar expressions or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved, or the negative or grammatical variation thereof or other variations thereof, or comparable terminology have been used to identify forward-looking statements. These forward-looking statements include, among other things, statements relating to: (a) revenue generating potential with respect to Fury Gold Mines Limited.’s industry; (b) market opportunity; (c) Fury Gold Mines Limited.’s business plans and strategies; (d) services that Fury Gold Mines Limited. intends to offer; (e) Fury Gold Mines Limited.’s milestone projections and targets; (f) Fury Gold Mines Limited.’s expectations regarding receipt of approval for regulatory applications; (g) Fury Gold Mines Limited. intentions to expand into other jurisdictions including the timeline expectations relating to those expansion plans; and (h) Fury Gold Mines Limited.’s expectations with regarding its ability to deliver shareholder value. Forward-looking statements are not a guarantee of future performance and are based upon a number of estimates and assumptions of management in light of management’s experience and perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances, as of the date of this document including, without limitation, assumptions about: (a) the ability to raise any necessary additional capital on reasonable terms to execute Fury Gold Mines Limited.’s business plan; (b) that general business and economic conditions will not change in a material adverse manner; (c) Fury Gold Mines Limited.’s ability to procure equipment and operating supplies in sufficient quantities and on a timely basis; (d) Fury Gold Mines Limited.’s ability to enter into contractual arrangements with additional Pharmacies; (e) the accuracy of budgeted costs and expenditures; (f) Fury Gold Mines Limited.’s ability to attract and retain skilled personnel; (g) political and regulatory stability; (h) the receipt of governmental, regulatory and third-party approvals, licenses and permits on favorable terms; (i) changes in applicable legislation; (j) stability in financial and capital markets; and (k) expectations regarding the level of disruption to as a result of CV-19. Such forward-looking information involves a variety of known and unknown risks, uncertainties and other factors which may cause the actual plans, intentions, activities, results, performance or achievements of Fury Gold Mines Limited. to be materially different from any future plans, intentions, activities, results, performance or achievements expressed or implied by such forward-looking statements. Such risks include, without limitation: (a) Fury Gold Mines Limited.’s operations could be adversely affected by possible future government legislation, policies and controls or by changes in applicable laws and regulations; (b) public health crises such as CV-19 may adversely impact Fury Gold Mines Limited.’s business; (c) the volatility of global capital markets; (d) political instability and changes to the regulations governing Fury Gold Mines Limited.’s business operations (e) BroadbandTV Corp. may be unable to implement its growth strategy; and (f) increased competition.
Except as required by law, Fury Gold Mines Limited. undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future event or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events. Neither does Fury Gold Mines Limited. nor any of its representatives make any representation or warranty, express or implied, as to the accuracy, sufficiency or completeness of the information in this document. Neither Fury Gold Mines Limited. nor any of its representatives shall have any liability whatsoever, under contract, tort, trust or otherwise, to you or any person resulting from the use of the information in this document by you or any of your representatives or for omissions from the information in this document.
7) Any graphs, tables or other information demonstrating the historical performance or current or historical attributes of Fury Gold Mines Limited. or any other entity contained in this document are intended only to illustrate historical performance or current or historical attributes of Fury Gold Mines Limited. or such entities and are not necessarily indicative of future performance of Fury Gold Mines Limited. or such entities.